Evaluation Of The Problems Of Rent Collection As An Aspect Of Property Management In Enugu State (A Case Study Residential Properties In Enugu Metropolis)

METHODS OF RENT COLLECTION: The following methods of collecting residential property rent were identified by Okwuonu (2011):

A) COLLECTION THROUGH ESTATE AGENTS

Rents on residential property can be collected through estate agents. This takes place when a landlord engages in a contractual agreement permitting an agency to act on his behalf. The agency through this agreement collects rent from tenants either monthly or yearly as agreed between he landlord and the tenants. It also performs other obligations s stipulated in the agreement between the agency and the landlord such as, renovation of property, admittance of new tenants and eviction of old tenants. The estate agent also notifies the tenants of increment in rental price when due. The landlord in turn pays commission to the agency as stipulated in their agreement. [Read more…]